Lentuo International Announces Management Share Purchase
BEIJING, Jan. 22, 2015 /PRNewswire/ -- Lentuo International Inc. (NYSE: LAS) ("Lentuo" or "the Company"), a leading non-state-owned automobile retailer headquartered in Beijing, today announced that members of its senior management team, including its Chairman Mr. Hetong Guo and Chief Executive Officer Mr. Jing Yang, will use their personal funds to purchase the Company's American Depositary Shares on the open market for an aggregate amount up to a maximum of US$1.0 million as soon as possible within one month.
Mr. Guo commented, "This share purchase demonstrates our management team's confidence in the long-term prospects of Lentuo's business. We believe we are implementing sound strategies in building our relationship with BMW and other premium brands, cooperating with Bitauto and Youxinpai to expand our online-to-offline platform for high-end pre-owned car business, and enhancing our high-margin after-sales services. We are steadfastly moving our business model towards an emphasis on margins as much as market share. We hope that you, our shareholders, will share our confidence."
About Lentuo International Inc.
Lentuo is a leading Chinese automobile retailer headquartered in Beijing. Through its many subsidiaries, Lentuo operates 4S franchise dealerships, automobile showrooms, automobile repair shops, a car leasing company, automobile financing and a pre-owned car business.
Lentuo dealership brands include FAW Audi, FAW-Volkswagen, Shanghai VW, FAW Toyota, FAW Mazda, Honda, and Chang'an Mazda. Since its establishment, Lentuo has developed relationships with many other well-known domestic and overseas brands as it expands further into the luxury car market. Annual sales for Lentuo's dealership brands consistently rank among the top in Beijing and China. On December 10, 2010, Lentuo was listed on the New York Stock Exchange as the first and only Chinese auto-dealership group.
Over the past 20 years, Lentuo has received various industry awards from the government, OEMs and industry associations. Lentuo has been recognized as a Famous Trademark by the Beijing Administration for Industry and Commerce (BAIC), a Top 50 Auto Dealer in China, a China Automobile Sales and Service Top Ten Enterprise Group, and has been awarded the Outstanding Contribution Award and Distinguished Contribution Award in the China Automobile Dealers Industry by CADA. It is the only triple A-rated Beijing Automobile Works dealership group in China to have been designated an FAW strategic partner, and awarded FAW Audi Sales Award, FAW Audi No. 1 Customer Satisfaction, FAW–Volkswagen National Sales Champion, FAW-Volkswagen Gold Award for Service Satisfaction, Shanghai Volkswagen 6 Star-Rated Franchise Dealer and FAW Mazda National Sales Champion.
For more information, please visit http://lentuo.investorroom.com/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contact:
Lentuo Investor Relations
Telephone +86-10-8735-8388
Email: [email protected]
Christensen
Mr. Christian Arnell
Telephone +86-10-5900-1548 in Beijing
Email: [email protected]
SOURCE Lentuo International Inc.
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